*Dividends are payable to shareholders of record on declaration date, 30 days after declaration.Required:1. Prepare a cash budget for the month ending July 31, 2021, indicating how much, if anything, Optimum will need to borow to meet itsminimum cash requirement. (Leave no cells blank enter "0" wherever required).ARROWROOT COMPANYCash Budget for July 31, 2021.Total cash available before current financingLess disbursementsTotal disbursementsExcess (deficiency) of cash available over disbursementsFinancingBorrowingsRepaynents10leterestTotal financing The controller of Optimum wishes to improve the company's control system by preparing a monthly cash budget. The followinginformation relates to the month ending July 31, 2021:June 30, 2021, cash balanceDividends were declared on June 15Cash expenditures to be paid in July for operating expensesDepreciation expenseCash collections to be receivedHerchandise purchases to be paid in cashEquipment to be purchased for cashOptimun wishes to naintain a ninimum cash balance of$ 98,00028, 00075,6009,800182,000114,40042, 20038,000DIvidends are payable to shareholders of record on declaration date, 30 days after declaration.Required:1. Prepare a cash budget for the month ending July 31, 2021, indicating how much, if anything, Optimum will need to borrow to meet itsminimum cash requirement. (Leave no cells blank - enter "0" wherever required).ARROWROOT COMPANYCash Budget for July 31, 2021Total cash available before current financingLess disbursementsTotal disbursements

Solution:- Preparation of a cash budget for the month ending July 31, 2021, indicating how much, if…

Dvidends are payable to shareholders of record on declaration date, 30 Uay Required: 1. Prepare a cash budget for the month ending July 31, 2021, indicating how much, if anything, Optimum will need to borrow to meet its minimum cash requirement. (Leave no cells blank enter "0" wherever required). ARROWROOT COMPANY Cash Budget for July 31, 2021 Total cash available before curent financing Less disbursements

Dvidends are payable to shareholders of record on declaration date, 30 Uay Required: 1. Prepare a cash budget for the month ending July 31, 2021, indicating how much, if anything, Optimum will need to borrow to meet its minimum cash requirement. (Leave no cells blank enter "0" wherever required). ARROWROOT COMPANY Cash Budget for July 31, 2021 Total cash available before curent financing Less disbursements

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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